Posted on 10/16/2022 1:24:31 PM PDT by ChicagoConservative27
The historic climate legislation President Joe Biden signed in August offered a federal tax break — worth up to $7,500 — to households that buy new electric vehicles.
But it may be tough for consumers to get the full value of the tax credit — at least initially.
That’s largely due to the structure of the clean vehicle credit and certain requirements for consumers and car manufacturers. Those roadblocks, however, are poised to ease in the longer term, experts said.
(Excerpt) Read more at cnbc.com ...
Joe’s gotta get his $750 off the top, first.
And they immediately increased the prices by 7500
Aren’t tax credits basically deducted from declared income,
and then simply reduce your tax exposure via the Tax scale?
I’d be surprised if people wind up getting even $2,500 tax
savings.
LOL...EV prices jumped up $7,500 naturally, as soon as the feds made the “free” money available.
Electricity prices are soaring everywhere. An electron “fill up” is getting close to a gasoline fill-up (at least in sane states)
no credits are deducted from the tax liability
as they keep pushing “green energy”
electricity prices will be off the charts
that is why they have to ban gas cars as an alternative
only the rich and powerful will be able to afford personal transportation
the masses will be told to shut up and get on the bus
Tax credits are preferable to tax deductions
Caveat emptor.
Depends on the goal.
So if you owe $12,367 dollars in taxes at the end of your
tax preparation, the full $7,500 is deducted from your tax
obligation?
Here is one way to make use of it —
“For example, investors can consider converting a pretax retirement account to a Roth, a type of after-tax account; they’d owe income tax on that conversion.”
The tax credit is paid by increased taxes on everyone. What happens to the EV tax credit when all gas cars have been outlawed and everyone has an EV?
Usually, they allow you to take tax credits over a few years. Alternatively, you could use it to “liberate” money from a 401K or similar account.
Thanks for the mention.
EV manufacturers immediately raised the price of vehicles (literally a day or two after the tax credit announcement) by $7500 or more. I have a message for the eff’n a-holes that but into this green BS and are subsidized by my tax dollars. You are the eff’n problem. You are the enemy. You will be treated as such, even the losers on FR that love their eff’n subsidized piece of schiff EVs. You are scum and anti-American. You are frickin’ clueless thinking you will save the planet and economic morons thinking you will save money. My children and grandchildren are not thankful for the debt that you created. Move to eff’n China. You are not welcome here.
“The historic climate legislation”
CNBC ugh.
In other words it was BS.
“...the masses will be told to shut up and get on the bus.”
I think you meant to say, ‘shut up and get on the trains’ where Conservatives are concerned. ;)
Bravo. wow. nice post. I am not sarcastic.
The tax credit evaporated to the manufacturers when their prices were increased by roughly the same amount
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